Has your company done its research into R&D tax relief?
Companies carrying out R&D-related activities and incurring general day-to-day running costs may be able to reduce their corporation tax liability by claiming relief under the R&D tax relief scheme. The scope of qualifying R&D expenditure is surprisingly broad, and the relief offered has become increasingly generous.
A company may still be eligible to claim R&D tax relief even if it has: not started to trade for tax purposes; sub-contracted the R&D to a third party; or abandoned the activity that is the subject of the R&D costs.
There is no exhaustive list of R&D activities. It is necessary to consult the guidelines and seek professional advice to determine whether a particular expense qualifies as R&D expenditure…
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